Financial Action Task Force

Anti-Money Laundering

A Radical Re-think of Financial Crime Compliance

By Kelvin Toh | 17/02/2022

A fundamental rethink of FCC is needed to move away from tick-box compliance and ensure greater focus on effectiveness and outcomes, says Kelvin Toh.

Anti-Money Laundering

MAS Tables Bill to Obtain Enhanced Regulatory Powers

By Sanday Chongo Kabange | 15/02/2022

The Financial Services and Markets Bill will give MAS enhanced regulatory powers to address misconduct, crypto asset and technology risks.

Anti-Money Laundering

Australia Senate Introduces Tranche 2 Reform Bill, Again

By Manesh Samtani | 13/02/2022

The bill, if passed, will help fulfill a nearly 16-year-old commitment to bring gatekeeper professions within Australia’s AML regime, and require the establishment of a public UBO register.

Anti-Money Laundering

HK Gov Issues Discussion Paper on Proposed VASP Regime

By Manesh Samtani | 11/02/2022

Licensing will be available to companies incorporated elsewhere as long as they have a registration in Hong Kong.

Anti-Money Laundering

PBOC Fines MYbank for AML and Other Violations

By Editors | 10/02/2022

MYbank failed to perform customer identification obligations, preserve identity information and transaction records, and report suspicious transactions.

Cryptocurrency

Crypto Prepares for a Regulated Future

By David Liu | 07/02/2022

As crypto goes mainstream, regulatory compliance will require robust and financial institution-grade AML and KYC processes, says David Liu.

Tokenisation

Will 2022 Be the Year of NFT Regulation?

By Javier Tamashiro | 27/01/2022

The jury is still out on how the NFT arena will be regulated, but marketplaces should still be applying a baseline standard of compliance practice, says Javier Tamashiro.

Anti-Money Laundering

PBOC Finalises CDD Rules, Launches Nationwide AML Campaign

By Manesh Samtani | 27/01/2022

New rules effective from 1 March impose stricter requirements on beneficial owner identification and verification, including for non-bank financial firms.

Fraud, Scams & Cybercrime

COSMIC Will Yield Significant and Far Reaching Benefits

By Jamil Ahmed | 26/01/2022

Singapore is taking a leap forward in how its financial services industry detects and combats financial crime, says Jamil Ahmed.